We need more decentralized stablecoins - page 7.

Reid

hero member

Activity: 3052

Merit: 651

Thank you for the questions Abiky.

Quote from: Abiky on November 09, 2020, 08:39:31 PM

Do you think we need more decentralized stablecoins?

Yes.

Quote from: Abiky on November 09, 2020, 08:39:31 PM

What will happen if centralized stablecoin issuers continue to freeze addresses at will?

It's fucked up. More users/buyers of that cex stablecoin will switch to dex.

Quote from: Abiky on November 09, 2020, 08:39:31 PM

Will people lose confidence on centralized stablecoins?

Yes.

Quote from: Abiky on November 09, 2020, 08:39:31 PM

Or will this attract institutional investors and serious traders?

If I am the serious (exaggerated) trader then I would prefer the decentralized way.
Obviously, for the reasons you said. I want authority with every move that I will make and not accounts being frozen just because someone on the other end doesn't like how I manage my own money.
Let's just go back to the banking system and do all the KYC if that is the case.

MusaMohamed

sr. member

Activity: 966

Merit: 306

Quote from: Abiky on November 09, 2020, 08:39:31 PM

Have you ever wondered why there are so many centralized stablecoins on the market? It's no secret that decentralized stablecoins like DAI and USDJ are the minority in the crypto/Blockchain space. This is bad for the industry, as it makes it no different than the traditional banking system of today. The risk of a single point of failure exists with centralized stablecoins, greatly defeating the purpose of crypto/Blockchain technology. Consider how both USDT and USDC issuers have been freezing (blacklisting) user addresses on the blockchain. While DAI is a better alternative, it lacks the level of adoption of its centralized counterparts.

Do you think we need more decentralized stablecoins? What will happen if centralized stablecoin issuers continue to freeze addresses at will? Will people lose confidence on centralized stablecoins? Or will this attract institutional investors and serious traders? Your input will be greatly appreciated. Thanks

Cryptocurrencies need to have decentralization to be aligned with origins of why they are born to change the traditional finance.

USDT brings fast, and convenience transactions than paper USD but they can be frozen by governement or by Tether company. I don't think I can control flow of USDT from the trade partner that I trade with is legal. I am not sure about their capital flow, its origin, its legality.

Please create and bring more decentralized stable coins.

yazher

hero member

Activity: 2268

Merit: 588

You own the pen

Quote from: Hallmader on November 09, 2020, 09:46:26 PM

Stablecoins should all be decentralized. If they are not decentralized, they better not exist at all. They are just posing unnecessary risks to their users who are mostly clueless of how they work.

If possible, these stablecoins should not even exist at all. They're fiat after all. They do not belong to the world of cryptocurrencies.

The only thing I know about stable coins is we can use them very well if Bullrun comes will happen and we can quickly convert our BTC or other cryptocurrencies to it without worrying about getting stuck in a congested network when most of the people converting their crypto assets to fiat. However, I don't really know if stable coins are risky but all I know they help a lot regarding how useful they are.

Hallmader

sr. member

Activity: 1123

Merit: 253

Stablecoins should all be decentralized. If they are not decentralized, they better not exist at all. They are just posing unnecessary risks to their users who are mostly clueless of how they work.

If possible, these stablecoins should not even exist at all. They're fiat after all. They do not belong to the world of cryptocurrencies.

kidbounty

full member

Activity: 1064

Merit: 101

HELENA

stablecoins freezing addresses at will is a crime. so why should we believe in a coin like this. we should believe in decentralized stablecoins. security of funds is a top priority, as long as the system is centrally controlled funds will never be safe. the problem now is the lack of adoption of decentralized stablecoins in today's society. for that we must encourage adoption so that it can be realized more quickly.

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Have you ever wondered why there are so many centralized stablecoins on the market? It's no secret that decentralized stablecoins like DAI and USDJ are the minority in the crypto/Blockchain space. This is bad for the industry, as it makes it no different than the traditional banking system of today. The risk of a single point of failure exists with centralized stablecoins, greatly defeating the purpose of crypto/Blockchain technology. Consider how both USDT and USDC issuers have been freezing (blacklisting) user addresses on the blockchain. While DAI is a better alternative, it lacks the level of adoption of its centralized counterparts.

Do you think we need more decentralized stablecoins? What will happen if centralized stablecoin issuers continue to freeze addresses at will? Will people lose confidence on centralized stablecoins? Or will this attract institutional investors and serious traders? Your input will be greatly appreciated. Thanks

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